CONI vs. GRNY

Last updated Jun 24, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and GRNY (Fundstrat Granny Shots U.S. Large Cap ETF) are both exchange-traded funds - CONI is a Inverse Equities fund actively managed by GraniteShares, while GRNY is a Large Cap Blend Equities fund actively managed by Tidal ETFs. Both are actively managed. Over the past year, CONI returned -17.01% vs 24.50% for GRNY. At a correlation of -0.64, they often move in opposite directions. CONI charges 1.15%/yr vs 0.75%/yr for GRNY.

Performance

CONI vs. GRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONI achieves a -18.05% return, which is significantly lower than GRNY's 9.17% return.

CONI

• 1D: 7.89%
• 1M: 22.94%
• YTD: -18.05%
• 6M: -6.27%
• 1Y: -17.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GRNY

• 1D: -1.64%
• 1M: -0.15%
• YTD: 9.17%
• 6M: 7.05%
• 1Y: 24.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CONI vs. GRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-18.05%	-70.84%	-9.50%
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	9.17%	24.05%	-0.45%

Correlation

The correlation between CONI and GRNY is -0.66, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.66
Correlation (All Time) Calculated using the full available price history since Nov 7, 2024	-0.64

The correlation between CONI and GRNY has been stable across timeframes, ranging from -0.66 to -0.64 - a consistent structural relationship.

Return for Risk

CONI vs. GRNY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CONI

CONI Risk / Return Rank: 11
CONI Sharpe Ratio Rank: 8
CONI Sortino Ratio Rank: 16
CONI Omega Ratio Rank: 16
CONI Calmar Ratio Rank: 7
CONI Martin Ratio Rank: 7

GRNY

GRNY Risk / Return Rank: 40
GRNY Sharpe Ratio Rank: 40
GRNY Sortino Ratio Rank: 37
GRNY Omega Ratio Rank: 36
GRNY Calmar Ratio Rank: 44
GRNY Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CONI vs. GRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CONI	GRNY	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	1.36	-1.49
Sortino ratio: Return per unit of downside risk	0.80	1.87	-1.07
Omega ratio: Gain probability vs. loss probability	1.10	1.23	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.23	2.12	-2.34
Martin ratio: Return relative to average drawdown	-0.42	6.40	-6.82

CONI vs. GRNY - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is -0.12, which is lower than the GRNY Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of CONI and GRNY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CONI vs. GRNY - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than GRNY's maximum drawdown of -24.18%. Use the drawdown chart below to compare losses from any high point for CONI and GRNY.

Drawdown Indicators

	CONI	GRNY	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-24.18%	-70.35%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-11.63%	-63.49%
Current Drawdown Current decline from peak	-89.95%	-2.63%	-87.32%
Average Drawdown Average peak-to-trough decline	-73.63%	-3.95%	-69.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.16%	3.84%	+40.32%

Volatility

CONI vs. GRNY - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 36.67% compared to Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) at 5.45%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than GRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	GRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.67%	5.45%	+31.22%
Volatility (6M) Calculated over the trailing 6-month period	110.98%	13.01%	+97.97%
Volatility (1Y) Calculated over the trailing 1-year period	136.92%	18.09%	+118.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.41%	23.13%	+104.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.41%	23.13%	+104.28%

CONI vs. GRNY - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than GRNY's 0.75% expense ratio.

Dividends

CONI vs. GRNY - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.07%, while GRNY has not paid dividends to shareholders.

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONI and GRNY in my portfolio?

CONI and GRNY have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CONI or GRNY?

CONI has higher volatility (36.67%) compared to GRNY (5.45%). In terms of maximum drawdown, CONI dropped -94.53% vs GRNY's -24.18%.

Which ETF is better, CONI or GRNY?

On 1-year performance, GRNY leads with 24.50% vs -17.01% for CONI. On fees, GRNY is cheaper at 0.75% per year. On volatility, GRNY has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or GRNY?

Over the 1-year period, GRNY has performed better with a 24.50% return vs -17.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or GRNY?

GRNY is cheaper with a 0.75% expense ratio, compared with 1.15% for CONI.

Which ETF pays a higher dividend yield, CONI or GRNY?

CONI has the higher dividend yield at 1.07%, compared with 0.00% for GRNY.

What is the main difference between CONI and GRNY?

CONI is categorized as Inverse Equities, while GRNY is Large Cap Blend Equities. They also come from different issuers: GraniteShares and Tidal ETFs. Their fees differ too: 1.15% for CONI and 0.75% for GRNY.

Which has better risk-adjusted returns?

GRNY currently has the higher Sharpe Ratio (1.36 vs -0.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.